Oil prices climbed sharply on Sunday after United States President Donald Trump threatened to strike Iranian energy facilities if the Strait of Hormuz is not reopened, according to Antigua News Room.
Brent crude, the global benchmark, rose 1.4% to $110.60 per barrel, while US crude climbed 1.8% to $113.60.
Trump issued the threat in a post on his Truth Social platform Sunday morning, warning Iran of imminent strikes on a power plant and a bridge if the strait remained closed. A senior Iranian official responded the same day, stating that the waterway would not be reopened until the country is "fully compensated" for war damages.
The ultimatum marks a notable shift from Trump's position just days earlier, when he claimed the United States did not need the Strait of Hormuz. It also follows a similar two-day ultimatum Trump issued to Iran on March 21, which he subsequently extended to April 6.
As reported by Antigua News Room, Oman's foreign ministry confirmed the country met with Iranian officials on Sunday to discuss allowing ships to pass through the critical waterway.
OPEC+ nations voiced concerns over potential attacks on energy infrastructure following a virtual meeting on Sunday. In a statement, the oil-producing bloc noted that restoring demand after disruptions is "costly and takes a long time." The group also agreed to increase oil output by 206,000 barrels per day beginning in May.
The ongoing disruption to oil supplies has driven average gasoline prices in the United States to their highest levels since 2022. According to data from AAA, a gallon of gas reached $4.11 on Sunday — up nearly 38% since the start of the conflict.
Stock markets also felt the pressure. With US markets closed on Friday, futures fell on Sunday. Dow futures dropped 0.69%, or 324 points, while S&P 500 futures declined 0.76% and Nasdaq futures fell 0.91%.
